# 119-s-2002: REMIT Act

119-s-2002, REMIT Act, is a 119th Congress bill sponsored by Sen. Schmitt, Eric [R-MO] (R-MO); status introduced; PRIA reads it as touching household money (as of 2025-12-21).

- Canonical: https://policyrisk.com/legislation/119-s-2002
- As of: 2025-12-21
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Bill: 119-s-2002
- Congress: 119
- Title: REMIT Act
- Status: introduced
- Introduced: 2025-06-10
- Sponsor: Sen. Schmitt, Eric [R-MO] (R-MO)
- Cosponsors: 0
- Policy area: Taxation
- Touches household money: yes
- Last recorded action: 2025-12-21

## Summary

**Creates a 15% excise tax on remittance transfers.** The bill would also create a refundable federal income tax credit to offset that tax for verified U.S. citizens and nationals and add new reporting and liability rules for providers. - Families and senders: Non‑verified senders would generally pay a 15% tax on each remittance transfer, collected by the provider at the time of transfer. - Verified U.S. citizens and nationals: Eligible taxpayers could claim a refundable credit equal to the remittance tax they paid, but must include Social Security numbers and prove the tax payment on their return. - Remittance providers and compliance: Providers must collect or bear secondary liability for unpaid tax, remit taxes quarterly, file an annual report with sender names, SSNs, and amounts, and furnish statements to senders; the bill adds penalties for reporting failures.

## Provisions PRIA read

- Refundable credit for excise paid: benefit, high. The bill would let eligible U.S. citizens or nationals claim a refundable tax credit equal to the total remittance excise taxes they paid in a taxable year. The credit would be claimed on returns for tax years ending after December 31, 2025. To get the credit, you would need to include required Soc…
- New reporting and tax rules for providers: cost, medium. The bill would require remittance companies to file annual reports with the IRS about transfers and excise taxes. For credits, providers would report sender names, addresses, and Social Security numbers and give written statements to those senders. The bill would add penalties for failures to file…
- New 15% remittance tax and exemption: mixed, medium. This bill would add a 15% excise tax on each remittance you send after December 31, 2025. The sender would generally pay the tax and the remittance company would collect and remit it quarterly. If a remittance provider makes a written agreement with the Secretary and verifies you as a U.S. citizen…

## Related bills

- 119-s-4668: Protect College Sports Act of 2026
- 119-s-933: NASA Transition Authorization Act of 2025
- 119-s-4952: Protecting American Taxpayers Act
- 119-s-4378: Protecting American Taxpayers Act
- 119-s-3903: Railway Safety Act of 2026
- 119-s-5007: SEARCH Act of 2026

## Sources
- [119-s-2002 on Congress.gov](https://www.congress.gov/bill/119th-congress/senate-bill/2002)

## Related
- [119-s-4668: Protect College Sports Act of 2026](https://policyrisk.com/legislation/119-s-4668)
- [119-s-933: NASA Transition Authorization Act of 2025](https://policyrisk.com/legislation/119-s-933)
- [119-s-4952: Protecting American Taxpayers Act](https://policyrisk.com/legislation/119-s-4952)
- [119-s-4378: Protecting American Taxpayers Act](https://policyrisk.com/legislation/119-s-4378)
- [119-s-3903: Railway Safety Act of 2026](https://policyrisk.com/legislation/119-s-3903)
- [119-s-5007: SEARCH Act of 2026](https://policyrisk.com/legislation/119-s-5007)
- [All bills in Congress](https://policyrisk.com/legislation)

Source: PRIA, https://policyrisk.com/legislation/119-s-2002 (as of 2025-12-21).